SCANIA INTERIM REPORT JANUARY - SEPTEMBER 1999
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1 25 October 1999 HIGHLIGHTS SCANIA INTERIM REPORT JANUARY - SEPTEMBER 1999 Strong improvement in operating income, nine months 1999 higher than full year Higher order bookings in a continued strong western European market. Volvo makes a public offer for Scania. RESULTS First nine months of 1999, compared to first nine months of 1998 Number of trucks and buses sold: 36,049 (35,748), an increase of 1 percent. Sales: SEK 34,066 m. (32,412) [USD 4,157 m. (3,955)]*, an increase of 5 percent. Operating income: SEK 3,642 m. (2,490) [USD 444 m. (304)], an increase of 46 percent. Total operating margin: 10.7 (7.7) percent. Operating margin, European operations: 13.4 (10.5) percent. Income after financial items: SEK 3,224 m. (2,242) [USD 393 m. (274)]. Net income: SEK 2,263 m. (1,580) [USD 276 m. (193)]. Earnings per share: SEK (7.90) [USD 1.38 (0.96)]. Third quarter of 1999, compared to third quarter of 1998 Number of trucks and buses sold: 11,180 (11,038). Sales: SEK 10,647 m. (10,385) [USD 1,299 m. (1,267)]. Operating income: SEK 1,139 m. (851) [USD 139 m. (104)], an increase of 34 percent and equivalent to a margin of 10.7 (8.2) percent. MARKET First nine months of 1999, compared to first nine months of 1998 Order bookings for heavy trucks in western European markets rose by 3 percent. Scania s preliminary market share for heavy trucks in western Europe during the period January to September totalled 14.8 (15.2) percent. In Latin America, the number of trucks sold declined by 22 percent due to the continued economic uncertainty; Scania s market share in Brazil was 31.6 (32.6) percent. Third quarter of 1999, compared to third quarter of 1998 Order bookings for heavy trucks in western European markets remained strong and rose by 11 percent. In western Europe, the number of trucks sold rose by about 15 percent. EARLIER ASSESSMENT STILL STANDS Current market demand supports our earlier assessment of an improvement in operating income of SEK 1.5 billion for the full year, provided that the markets in Latin America do not deteriorate further during the fourth quarter. * Translated solely for the convenience of the reader at an exchange rate of SEK = USD This report is also available at 1
2 SCANIA INTERIM REPORT, JANUARY - SEPTEMBER 1999 Scania s operating income for the first nine months of the year improved by 46 percent, reaching SEK 3,642 m., which is higher than the Group s full-year 1998 earnings. This improvement in earnings was essentially attributable to European operations.* Latin American operations were adversely affected by lower sales volume and narrower margins. The heavy truck market in western Europe remains strong. Scania s order bookings in western European markets during the first nine months of the year rose somewhat, compared to the same period of Order bookings in southern European markets as well as in Germany and France continued to rise. In Great Britain, order bookings were unchanged, while they fell in the Netherlands. During the third quarter, order bookings rose by 11 percent, compared to the third quarter of Despite a strong market in Europe, prices did not improve. During the first nine months of 1999, according to preliminary statistics, 177,100 (154,250) heavy trucks were registered in western Europe, an increase of 14.8 percent. This indicates a total market of more than 230,000 trucks during Scania s preliminary market share in western Europe during the period January to September was 14.8 (15.2) percent. Scania s order bookings for heavy trucks in central and eastern Europe were 34 percent lower during the first nine months of 1999 than during the same period of last year. Order bookings during the third quarter were basically at the same level as during the first two quarters of the year. In Asian markets, order bookings continued to improve from low levels, both cumulatively and during the third quarter of 1999, compared to the same periods of In Latin America, demand was adversely affected by economic uncertainty. Demand for transport services remained subdued. Scania s order bookings for heavy trucks declined during the first nine months of 1999, compared to the same period last year. During the third quarter, interest rates and inflation continued to fall in Brazil. The currency situation deteriorated somewhat, however. The Argentine market was affected by the country s heavy debt, currency instability and continued uncertainty in the run-up to the presidential election on 24 October. In Brazil, the total market shrank by 21 percent to 10,356 (13,057) during the first nine months of the year. Scania s market share amounted to 31.6 (32.6) percent. During the year, several competitors have started production of heavy trucks in Brazil. In Argentina, the market shrank by 29 percent to 3,011 (4,245) heavy trucks. Scania boosted its market share to 28.9 (27.2) percent. In western Europe, Scania increased its truck sales by 13 percent to 25,717 (22,683) units during the first nine months of the year, compared to the same period of In Latin America, the number of Scania trucks sold declined by 22 percent to 4,660 (5,969). The total number of Scania trucks sold rose by 2 percent to 33,275 (32,640). 2
3 * European operations are the portion of Scania s operations that supply all markets except Latin American ones with the company s products and services. Bus order bookings increased by 20 percent in Scania s European operations, while they declined by 36 percent in Latin America. Overall, this meant that the company s bus order bookings were 9 percent lower during the first nine months of 1999 than during the same period last year. The number of buses sold rose by 10 percent in European operations during the first nine months of 1998, while they declined by 37 percent in Latin America. The total number of buses sold declined by 11 percent. Scania s sales of service-related products continued to demonstrate strong growth. These sales rose by 10 percent during the first nine months of 1999, compared to the same period last year. In European operations, they increased by 15 percent. The number of industrial and marine engines sold increased by 14 percent during the period. IMPORTANT EVENTS DURING THE THIRD QUARTER On 6 August, AB Volvo reached an agreement to acquire Investor AB s entire shareholding in Scania. At the same time, Volvo decided to make a public offer to the remaining shareholders in Scania to tender their shares to Volvo. The transaction is subject to review by the European Union s competition authority. Scania s Board of Directors has recommended the Scania shareholders to accept the offer.* * Volvo's offer is not being made, directly or indirectly, in or to the United States of America, Australia, Japan or Canada and it may not be accepted in or from these countries. Accordingly, no offer is being made for Scania's American Depositary Receipts. The Volvo shares that may be exchanged for Scania shares in the offer have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), nor under the laws of any state of the United States of America and may not be offered, sold, resold or delivered, directly or indirectly, in or into the United States of America except pusuant to an exemption from the registration requirements of the U.S. Securities Act. During the third quarter, Scania completed its acquisition of the independent Norwegian distributor Norsk Scania. It also acquired the Italian finance company Fiscar SpA. In addition, Scania signed a preliminary agreement on acquisition of the remaining 50 percent share capital in Oy Scan-Auto Ab, which distributes and markets Scania trucks and buses in Finland. Norsk Scania and Fiscar SpA were consolidated in Scania s balance sheets as of 30 September RESULTS 3
4 Sales in SEK m. 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Quarterly sales and operating margin Scania Group Q1 98 Q2 98 Q3 98 Q4 98 Q1 99 Q2 99 Q % 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Operating margin in percent Sales Operating margin During the first nine months of 1999, Scania sold 36,049 (35,748) trucks and buses, an increase of 1 percent. In monetary terms, sales for the same period were SEK 34,066 m. (32,412), an increase of 5 percent. Operating income improved by 46 percent to SEK 3,642 m. (2,490), equivalent to an operating margin of 10.7 (7.7) percent. In European operations, unit sales of trucks and buses increased by 7 percent during the first nine months of 1999, compared to the same period of In monetary terms, sales rose by 11 percent. Operating income improved by 42 percent to SEK 3,680 m. (2,600). Operating margin increased to 13.4 (10.5) percent. Higher vehicle volume, increased sales of service-related products, positive currency effects of about SEK 300 m., improved productivity, lower warranty expenses as well as improved earnings for bus operations boosted earnings. Most of the positive currency effects were attributable to hedging activities. During the third quarter, the operating margin improved to 13.1 (11.2) percent, compared to the third quarter of Higher vehicle volume, greater productivity and lower warranty expenses contributed to the improvement in earnings. During the first nine months of 1999, the net amount of deferred income recognition due to operational leasing was SEK 297 m. (259). Operating income from European customer finance operations rose to SEK 101 m. (63), due to higher financing volume. In Latin American operations, unit sales of trucks and buses declined by 25 percent during the first nine months of 1999, compared to the same period last year. Operating income was SEK -322 m. (-367). Lower sales volume as well as narrower margins adversely affected earnings during the period. During the first quarter, this was offset to some extent by non-recurring effects related to the devaluation of the Brazilian currency. During the third quarter, operating income amounted to SEK -68 m. (-96). Deliveries of trucks and components to European operations had a positive impact on earnings for the quarter. Operating income for Svenska Volkswagen products amounted to SEK 183 m. (195). 4
5 Net financial items totalled SEK -418 m. (-248). The deterioration was attributable to Latin American operations, due to negative cash flows, higher interest rates and translation effects of interest-bearing items in the balance sheet connected to the devaluation in Brazil. The Scania Group s tax expenses were equivalent to 29.8 (29.4) percent of income after financial items. Scania s operating cash flows, excluding customer finance operations, continued to improve during the third quarter and amounted to SEK 763 m. Tied-up working capital decreased somewhat in the third quarter. Net capital expenditures, excluding acquisitions, were lower than during the same quarter of During the third quarter, the acquisition of Norsk Scania, adversely affected cash flows. The Scania Group s accumulated cash flows were SEK 784 m. Acquisitions of companies reduced cash flows by about SEK 900 m. during the first nine months of Excluding acquisitions, the Scania Group s cash flows totalled about SEK 1.7 billion. Customer finance operations expanded by an accumulated SEK 1,583 m. Cash flows are affected by the net price paid for the acquired Italian finance company. The total financing portfolio, including acquisitions, increased by approximately SEK 1,900 m. The number of employees totalled 24,800 at the end of the report period, an increase of 1,263 persons since the beginning of the year. The acquisitions of Norsk Scania and Italscandia represented an increase of more than 1,000 employees. At production units, the number of employees decreased by 166 in Europe and by 94 in Latin America. In European marketing companies, the number of employees rose, primarily due to higher investments in the service organisation. Earlier assessment still stands Current market demand supports our earlier assessment of an improvement in operating income of SEK 1.5 billion for the full year, provided that the markets in Latin America do not deteriorate further during the fourth quarter. Södertälje, 25 October 1999 Leif Östling President and CEO This Interim Report has not been subject to special review by the company s auditors. This report contains forward-looking statements that reflect management s current views with respect to certain future events and potential financial performance. Such forward-looking statements involve risks and uncertainties that could significantly affect potential results. These statements are based on certain assumptions, including assumptions related 5
6 to general economic and financial conditions in the company s markets and the level of demand for the company s products. This report does not imply that the company has undertaken to revise these forward-looking statements, beyond what is required under the company s registration contract with the Stockholm Stock Exchange, if and when circumstances arise that will lead to changes compared to the date when these statements were provided. Magnus Hahn, Corporate Communications Tel , mobile tel Ulf Söderström, Corporate Communications Tel , mobile tel Cecilia Edström, Investor Relations Tel , mobile tel Oscar Stjerngren, Investor Relations Tel , mobile tel
7 EARNINGS BY AREA OF OPERATIONS Amounts in SEK m. unless Nine months Change Oct 98 - otherwise stated USD m. * in % 1998 Sept 99 Number of trucks and buses sold European operations 30,528 28, ,375 42,473 Latin American operations 5,521 7, ,295 7,498 Total Scania vehicles sold 36,049 35, ,670 49,971 Sales European operations 3,361 27,546 24, ,072 37,898 Latin American operations 402 3,294 4, ,151 4,674 Less intra-group sales , , Total Scania products 3,675 30,116 28, ,675 41,633 Svenska Volkswagen products 482 3,950 4, ,637 5,333 Scania Group total 4,157 34,066 32, ,312 46,966 Operating income European operations 449 3,680 2, ,913 4,993 Latin American operations Customer finance operations Total Scania products 422 3,459 2, ,342 4,505 Svenska Volkswagen products Scania Group total 444 3,642 2, ,592 4,744 Operating margin in percent European operations Latin American operations Total Scania products Svenska Volkswagen products Scania Group total SALES BY PRODUCT CATEGORY Amounts in SEK m. unless Nine months Change Oct 98 - otherwise stated USD m. * in % 1998 Sept 99 Trucks 2,427 19,884 19, ,092 27,882 Buses 305 2,501 2, ,548 3,485 Engines Service products 606 4,968 4, ,282 6,752 Used vehicles etc ,450 1, ,355 3,063 Total Scania products 3,675 30,116 28, ,675 41,633 Svenska Volkswagen products 482 3,950 4, ,637 5,333 Total 4,157 34,066 32, ,312 46,966 7
8 * Translated solely for the convenience of the reader at an exchange rate of SEK = USD
9 INCOME STATEMENT Amounts in SEK m. unless Nine months Change Oct 98 - otherwise stated USD m. * in % 1998 Sept 99 Sales 4,157 34,066 32, ,312 46,966 Cost of goods sold -3,063-25,097-24,809-34,630-34,918 Gross income 1,094 8,969 7, ,682 12,048 Research and development expenses ,085-1,156 Selling expenses ,213-4,114-5,730-5,829 Administrative expenses Income from customer finance operations Share of income of associated companies Operating income 1) 444 3,642 2, ,592 4,744 Financial income and expenses Income after financial items 393 3,224 2, ,214 4,196 Taxes ,260 Minority interests Net income 276 2,263 1, ,250 2,933 Number of shares: 200 million Operating margin, percent Return on equity, percent Return on capital employed, excluding customer finance operations, percent Earnings per share, SEK Earnings per share according to U.S. GAAP: SEK ) Includes depreciation of ,486-1,428-1,883-1,941 * Translated solely for the convenience of the reader at an exchange rate of SEK = USD
10 EARNINGS BY QUARTER Amounts in SEK m. unless otherwise stated Q 3 Q3 Q2 Q 1 Full year Q 4 Q 3 Q 2 Q 1 USD m. * Sales European operations 1,044 8,561 9,218 9,767 35,072 10,352 7,686 8,839 8,195 Latin American operations 146 1,193 1, ,151 1,380 1,709 1,658 1,404 Less intra-group sales , Total Scania products 1,154 9,462 10,108 10,546 39,675 11,517 8,991 10,066 9,101 Svenska Volkswagen products 145 1,185 1,532 1,233 5,637 1,383 1,394 1,538 1,322 Scania Group total 1,299 10,647 11,640 11,779 45,312 12,900 10,385 11,604 10,423 Operating income European operations 137 1,123 1,313 1,244 3,913 1, Latin American operations Customer finance operations Total Scania products 133 1,087 1,194 1,178 3,342 1, Svenska Volkswagen products Scania Group total 139 1,139 1,263 1,240 3,592 1, , Income after financial items ,130 1,110 3, Net income , Earnings per share, SEK Operating margin, percent European operations Latin American operations Total Scania products Svenska Volkswagen products Scania Group total
11 * Translated solely for the convenience of the reader at an exchange rate of SEK = USD UNITS BY QUARTER Q 3 Q 2 Q 1 Full year Q 4 Q 3 Q 2 Q 1 ORDER BOOKINGS, TRUCKS - Western Europe 8,065 8,842 8,251 33,323 8,787 7,286 9,025 8,225 - Central and eastern Europe , Latin America 1,348 1,509 1,550 8,081 1,347 2,024 2,601 2,109 - Asia , Other markets , Total 10,432 11,506 10,717 46,340 10,989 10,438 13,014 11,899 TRUCKS SOLD - Western Europe 7,821 8,448 9,448 32,686 10,003 6,801 8,228 7,654 - Central and eastern Europe , Latin America 1,523 1,549 1,588 7,621 1,652 2,123 2,147 1,699 - Asia , Other markets , Total 10,223 11,039 12,013 45,553 12,913 10,080 11,881 10,679 ORDER BOOKINGS, BUSES - Europe , Latin America , Other markets Total ,957 1, ,262 1,099 BUSES SOLD - Europe , Latin America , Other markets
12 Total ,117 1, , Sales of industrial and marine engines totalled 2,236 (1,963) units during the first nine months of
13 BALANCE SHEET WITH CUSTOMER FINANCE OPERATIONS REPORTED ACCORDING TO THE EQUITY ACCOUNTING METHOD 30 Sept Amounts in SEK m. unless Sept 30 June 31 March 31 Dec 30 Sept otherwise stated USD m. * ASSETS Intangible fixed assets Tangible fixed assets 1,516 12,424 12,702 12,940 12,824 12,846 Shares and participations 295 2,421 2,262 2,279 2,258 2,162 Inventories 847 6,945 7,217 7,090 7,456 7,506 Other receivables 1,137 9,318 8,406 8,214 6,822 6,527 Interest-bearing receivables 141 1,153 1,405 1,500 1,543 1,255 Liquid investments 444 3,637 3,865 2,452 1,710 1,865 Total assets 4,431 36,315 36,261 34,887 32,726 32,277 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity 1,538 12,605 12,009 12,538 11,851 10,983 Provisions for pensions 224 1,835 1,839 1,832 1,910 1,926 Other provisions 410 3,361 3,309 3,134 3,221 3,247 Other liabilities 916 7,506 7,156 7,468 7,505 7,315 Borrowings 1,343 11,008 11,948 9,915 8,239 8,806 Total shareholders equity and liabilities 4,431 36,315 36,261 34,887 32,726 32,277 Net indebtedness, excluding Pension liabilities 899 7,371 8,083 7,463 6,529 6,941 Net indebtedness as ratio of shareholders equity (debt/equity ratio) Equity per share, SEK * Translated solely for the convenience of the reader at an exchange rate of SEK = USD
14 BALANCE SHEET CUSTOMER FINANCE OPERATIONS 30 Sept Amounts in SEK m. unless Sept 30 June 31 March 31 Dec 30 Sept otherwise stated USD m. * ASSETS Leasing assets 650 5,325 4,917 4,759 4,605 3,921 Financial receivables 1,088 8,915 8,203 7,735 7,737 6,740 Other assets Cash and bank balances Total assets 1,805 14,784 13,622 13,043 13,032 11,165 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity 123 1, Borrowings 1,531 12,543 11,649 11,071 11,047 9,359 Other liabilities and provisions 151 1,233 1,093 1,129 1, Total shareholders equity and liabilities 1,805 14,784 13,622 13,043 13,032 11,165 BALANCE SHEET INCLUDING CUSTOMER FINANCE OPERATIONS 30 Sept Amounts in SEK m. unless Sept 30 June 31 March 31 Dec 30 Sept otherwise stated USD m. * ASSETS Intangible fixed assets Tangible fixed assets 2,169 17,776 17,634 17,712 17,445 16,781 Shares and participations 172 1,410 1,382 1,437 1,411 1,342 Inventories 870 7,126 7,382 7,260 7,571 7,663 Other receivables 1,130 9,262 8,400 8,265 7,208 6,702 Interest-bearing receivables 1,229 10,069 9,608 9,234 9,280 7,995 Liquid investments 455 3,733 3,946 2,545 1,774 1,917 Total assets 6,076 49,793 48,756 46,865 44,802 42,516 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity 1,538 12,605 12,009 12,538 11,851 10,983 Provisions for pensions 224 1,838 1,841 1,834 1,913 1,928 Other provisions 466 3,817 3,768 3,580 3,668 3,555 Other liabilities 974 7,981 7,542 7,927 8,091 7,884 Borrowings 2,874 23,552 23,596 20,986 19,279 18,166 Total shareholders equity and liabilities 6,076 49,793 48,756 46,865 44,802 42,516 Equity/assets ratio, %
15 * Translated solely for the convenience of the reader at an exchange rate of SEK = USD
16 STATEMENT OF CASH FLOWS Amounts in SEK m. unless Nine months otherwise stated USD m. * USD m. * Q 3 Q 2 Q 1 Q 3 Cash from operating activities 488 3,998 3, ,240 1,477 1, Change in working capital, etc , Cash flows from operating activities 365 2,991 2, ,325 1, ,010 Net investments ,207-1, , Operating cash flows excluding customer finance operations , Expansion of customer finance operations ,583-2, Change in net indebtedness including customer finance operations , Change in indebtedness from financing activities 495 4,059 1, ,519 1, Dividend to shareholders ,300-1,100-1,300 Net change in cash and short-term investments 239 1, , Effect of exchange rate fluctuations on cash and short-term investments Cash and short-term investments at beginning of period 216 1,774 2, ,946 2,545 1,774 1,625 Cash and short-term investments at end of period 455 3,733 1, ,733 3,946 2,545 1,917 16
17 * Translated solely for the convenience of the reader at an exchange rate of SEK = USD
18 NUMBER OF EMPLOYEES 30 Sept 30 June 31 March 31 Dec 30 Sept Production companies etc. 13,198 13,099 13,214 13,364 13,325 Marketing companies 7,820 6,784 6,620 6,315 6,228 European operations 21,018 19,883 19,834 19,679 19,553 Latin American operations 3,620 3,625 3,664 3,714 3,910 Customer finance operations Total number of employees 24,800 23,658 23,639 23,537 23,599 Scania s ten largest truck markets Registrations of trucks during the first nine months of the year Change in percent Germany * 4,035 3, Great Britain 3,940 3,977-1 France 3,646 2, Brazil 3,268 4, Spain 2,508 2, Italy 2,066 1, The Netherlands 2,061 2, Sweden 1,563 1, Belgium 1,348 1, Denmark 1,036 1,065-3 Western Europe * 26,129 23, Market shares during the first nine months of the year, percent Germany * Great Britain France Brazil Spain Italy The Netherlands Sweden Belgium Denmark Western Europe *
19 * 1999: Preliminary figures. 19
Order bookings 48,719 55,565-12 12,835 14,845 Sales 48,331 56,492-14 13,166 17,076
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